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Binance Striving Hard To Grab the Hacker Behind Recent Exploit

Binance Striving Hard To Grab the Hacker Behind Recent Exploit
  • The attacker stole $570 million worth of cryptocurrency on October 6.
  • Following the discovery of the breach, Binance Smart Chain was disabled.

On Monday, Binance CEO Changpeng Zhao told CNBC that the exchange is “narrowing down” the identity of the attacker who stole $570 million worth of cryptocurrency from a cross-chain bridge on October 6.

Zhao said that the blockchain has successfully frozen up to 90% of the stolen assets. The biggest centralized cryptocurrency exchange in the world has received assistance in identifying hacker.

Speaking to CNBC from Dubai, Zhao added:

“We’re still actually helping [law enforcement] to chase the bad players and working with law enforcement around the globe. In this particular instance, law enforcement gave us tips on who they think it may be, so we’re narrowing it down.”

Former FBI Agent Hired

Following the discovery of the breach, Binance Smart Chain was disabled. Zhao said on Reddit that the “funds are safe,” but also disclosed that the value of the funds syphoned off the BSC was between $100 and $110 million.

Paradigm researcher Sam Sun tweeted after the vulnerability that the hacker “somehow convinced the Binance Bridge” to twice transfer 1 million BNB to the hacker’s account. Chainalysis, a blockchain analytics business, reports that $2 billion, or 69% of all funds taken from the beginning of the year through August, were the result of assaults on cross-chain bridges. This is before the Binance Smart Chain Bridge was hacked.

Considering the persistent increase in cryptocurrency-related fraud incidents. Binance has a new director of investigations in its U.S. office. The exchange just hired BJ Kang, a former FBI agent, to serve as its first Head of Investigations.

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